Marketplace’s new look

Developer Pat Gillespie unveils new look of Marketplace project, first phase to open in fall 2014

Wednesday, Oct. 23 — As the economy changed, so did developer Pat Gillespie’s plans for his major downtown development, Marketplace.

But construction has started on the first phase of his riverfront project, and on Tuesday, Gillespie released the latest rendering of what it will look like.

The first phase of the project shows a modern, four-story apartment building that will include 80 units facing the City Market and the Grand River. According to site plans, a second phase will be built to the north along Shiawassee Street. The first phase is expected to be completed in fall 2014.

Marketplace’s development was slowed due to the economic downturn after first being announced six years ago. In May, the city of Lansing threatened legal action (http://www.lansingcitypulse.com/lansing/article-8792-market-place-gets-a-timeline.html) if construction didn’t start due to the development agreement. Gillespie and the city worked out a timeline.

Also, original plans tied the project together with Gillespie’s Ball Park North project, a mixed-use development north of the Cooley Law School Stadium. Original Marketplace drawings showed four buildings, which have been scaled back to two.

In May, Gillespie said the Ball Park North piece is on hold as he’s“still waiting for the market to turn around and see what the market needs are.”

“I’m delighted to see the Marketplace project getting underway,” Mayor Virg Bernero said in a statement Tuesday. “A new residential development right on our downtown riverfront will be very appealing to young professionals and others who want to live, work and play in the heart of the city’s business and entertainment district. It’s the right project at the right time in the right location.”